S T A T E   O F   N E W   Y O R K
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                                  5226

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 13, 2015
                               ___________

Introduced  by M. of A. KOLB, TEDISCO, BUTLER, CORWIN -- Multi-Sponsored
  by -- M. of A.  BARCLAY, CROUCH, DUPREY, FINCH,  FITZPATRICK,  GIGLIO,
  GOODELL, HAWLEY, LOPEZ, McDONOUGH, McKEVITT, OAKS, RA, RAIA, SALADINO,
  THIELE -- read once and referred to the Committee on Economic Develop-
  ment

AN  ACT to amend the economic development law, in relation to establish-
  ing an incentive program for manufacturers that maintain  or  increase
  employment;  and to amend the tax law, in relation to establishing tax
  credit incentives for manufacturing firms enrolled in the program

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Short  title. This act shall be known and may be cited as
the "manufacturing preservation and enhancement act".
  S 2. Legislative findings and intent. The legislature finds and deter-
mines that historically, manufacturing firms have helped  to  build  our
state.  Today,  manufacturing  jobs are an essential part of the state's
economy. Accordingly, the state should offer programs that foster growth
in this important sector of the  state  economy.  The  purpose  of  this
legislation  is  to establish a tax incentive program that would provide
tax credits to manufacturing firms that create new jobs in the  manufac-
turing sector over a specified period of time.
  S  3.  The economic development law is amended by adding a new article
15 to read as follows:
                               ARTICLE 15
             MANUFACTURING PRESERVATION AND ENHANCEMENT ACT
SECTION 270. DEFINITIONS.
        271. MANUFACTURING PRESERVATION AND ENHANCEMENT PROGRAM.
        272. SPECIAL PROVISIONS RELATING TO CERTIFIED MANUFACTURERS.
        273. REPORTING.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02918-01-5

A. 5226                             2
              

  S 270. DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING  WORDS  AND
TERMS  SHALL  HAVE THE FOLLOWING MEANINGS UNLESS THE CONTENT SHALL INDI-
CATE ANOTHER OR DIFFERENT MEANING OR INTENT:
  1. "PROGRAM" SHALL MEAN THE MANUFACTURING PRESERVATION AND ENHANCEMENT
PROGRAM ESTABLISHED PURSUANT TO THIS ARTICLE.
  2.  "MANUFACTURING FIRM" SHALL MEAN AN ENTERPRISE, INCLUDING CORPORATE
ENTITIES, PARTNERSHIPS AND SOLE PROPRIETORS, ENGAGED IN THE BUSINESS  OF
PRODUCTION OF GOODS AND PRODUCTS FROM RAW MATERIALS.
  3.  "BENCHMARK"  SHALL  MEAN  A  SPECIFIC  NUMBER OF ELIGIBLE NEW JOBS
CREATED IN THE STATE PURSUANT TO THE PROGRAM.
  4. "MEI" SHALL MEAN THE MANUFACTURING ENHANCEMENT INCENTIVE PROGRAM.
  S 271. MANUFACTURING PRESERVATION AND ENHANCEMENT PROGRAM.   1.  THERE
IS  HEREBY  CREATED A MANUFACTURING PRESERVATION AND ENHANCEMENT PROGRAM
WITHIN THE DEPARTMENT TO PROVIDE TECHNICAL AND FINANCIAL  ASSISTANCE  IN
THE  FORM  OF  TAX INCENTIVES TO MANUFACTURING FIRMS THAT MEET SPECIFIED
BENCHMARKS IN JOB CREATION AS ESTABLISHED BY THE COMMISSIONER.
  2. THE  COMMISSIONER  SHALL  DETERMINE  ELIGIBILITY  REQUIREMENTS  FOR
PARTICIPATION  IN THE PROGRAM, PROVIDED, HOWEVER, THAT SUCH REQUIREMENTS
SHALL INCLUDE THE FOLLOWING:
  (A) AN APPLICANT TO THE PROGRAM MAY NOT PARTICIPATE IN THE PROGRAM  IF
DESIGNATED  AS  A  CERTIFIED  BUSINESS LOCATED IN AN EMPIRE ZONE CREATED
PURSUANT TO ARTICLE EIGHTEEN-B OF THE GENERAL MUNICIPAL LAW; AND
  (B) AN APPLICANT THAT HAS PREVIOUSLY PARTICIPATED IN THE  PROGRAM  MAY
NOT REAPPLY FOR PARTICIPATION IN THE PROGRAM UNLESS IT CAN DOCUMENT THAT
AT  THE TIME OF ITS REAPPLICATION FOR PARTICIPATION, IT HAS MAINTAINED A
LEVEL OF EMPLOYMENT AT LEAST AS GREAT  AS  THE  HIGHEST  LEVEL  REQUIRED
DURING ITS PREVIOUS PARTICIPATION IN THE PROGRAM.
  3.  APPLICATIONS  FOR  PARTICIPATION  IN THE MEI SHALL BE SUBMITTED BY
EACH MANUFACTURING FIRM SEEKING TO PARTICIPATE IN THE PROGRAM, AND SHALL
BE IN THE FORM AND CONTAIN SUCH  INFORMATION,  EXHIBITS  AND  SUPPORTING
DATA  AS  THE  COMMISSIONER  MAY  PRESCRIBE. NO APPLICATIONS FOR PARTIC-
IPATION SHALL BE ACCEPTED  AFTER  DECEMBER  THIRTY-FIRST,  TWO  THOUSAND
TWENTY-THREE.
  4.  MANUFACTURING  FIRMS  INTERESTED IN PARTICIPATING IN THE MEI SHALL
SUBMIT AN APPLICATION TO THE PROGRAM. THE COMMISSIONER SHALL REVIEW  ALL
APPLICATIONS  FOR PARTICIPATION IN THE PROGRAM FOR ELIGIBILITY AND SHALL
REGISTER ELIGIBLE APPLICANTS. THE COMMISSIONER SHALL PROVIDE EACH REGIS-
TERED APPLICANT WITH BENCHMARKS IN JOB CREATION THAT MUST BE ACHIEVED BY
THE REGISTERED APPLICANT OVER THE FOLLOWING ONE  YEAR.  SUCH  BENCHMARKS
SHALL BE CONSISTENT WITH REGULATIONS TO BE PRESCRIBED BY THE COMMISSION-
ER. ANNUALLY, EACH REGISTERED APPLICANT SHALL SUBMIT TO THE COMMISSIONER
A  REGISTRATION  STATEMENT, TOGETHER WITH SUCH INFORMATION, EXHIBITS AND
SUPPORTING DATA AS THE COMMISSIONER MAY REQUIRE. UPON SUBMISSION OF  THE
SECOND  ANNUAL REGISTRATION STATEMENT, THE COMMISSIONER SHALL REVIEW THE
REGISTERED APPLICANT'S FILE FOR ELIGIBILITY FOR THE TAX  INCENTIVES.  IF
THE  REGISTERED  APPLICANT  HAS  MET  THE  REQUIRED  BENCHMARKS  IN  JOB
CREATION, THE COMMISSIONER SHALL PROVIDE A CERTIFICATE,  VALID  FOR  THE
SUCCEEDING  FIVE  TAX YEARS, CERTIFYING THAT THE REGISTERED APPLICANT IS
ELIGIBLE FOR TAX CREDITS PURSUANT TO THIS ARTICLE. THE  MEI  CERTIFICATE
SHALL  INCLUDE  A  DESCRIPTION OF THE PROPERTY ELIGIBLE FOR THE PROPERTY
TAX BENEFIT AND SHALL SPECIFY THE EMPLOYMENT LEVEL AND TOTAL  AMOUNT  OF
EMPLOYEE GROSS SALARY ELIGIBLE FOR THE WAGE CREDIT.
  S  272. SPECIAL PROVISIONS RELATING TO CERTIFIED MANUFACTURERS. DURING
THE FIVE-YEAR CERTIFICATION PERIOD, CERTIFIED MANUFACTURING FIRMS  SHALL
BE ELIGIBLE TO RECEIVE THE FOLLOWING TAX CREDITS:

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  1.  AN  MEI  PROPERTY  TAX CREDIT, WHICH SHALL BE COMPUTED PURSUANT TO
SECTION EIGHT HUNDRED FIFTY-ONE OF THE TAX LAW;
  2. AN MEI WAGE TAX CREDIT, WHICH SHALL BE COMPUTED PURSUANT TO SECTION
EIGHT HUNDRED FIFTY-TWO OF THE TAX LAW; AND
  3.  AN  MEI  ENERGY  TAX  CREDIT,  WHICH SHALL BE COMPUTED PURSUANT TO
SECTION EIGHT HUNDRED FIFTY-THREE OF THE TAX LAW.
  S 273. REPORTING. THE  COMMISSIONER  SHALL,  ON  OR  BEFORE  SEPTEMBER
FIRST,  TWO THOUSAND SEVENTEEN, AND ANNUALLY THEREAFTER, SUBMIT A REPORT
TO THE GOVERNOR, THE TEMPORARY PRESIDENT OF THE SENATE, THE  SPEAKER  OF
THE  ASSEMBLY, THE MINORITY LEADER OF THE SENATE AND THE MINORITY LEADER
OF THE ASSEMBLY ON THE OPERATION  AND  ACCOMPLISHMENTS  OF  THE  PROGRAM
PROVIDED FOR PURSUANT TO THIS ARTICLE.
  S  4.  The  tax  law  is amended by adding a new article 24 to read as
follows:
                               ARTICLE 24
             MANUFACTURING PRESERVATION AND ENHANCEMENT ACT
SECTION 851. MEI PROPERTY TAX CREDIT.
        852. MEI WAGE TAX CREDIT.
        853. MEI ENERGY TAX CREDIT.
  S 851. MEI PROPERTY TAX CREDIT. (A) ALLOWANCE OF  CREDIT.  A  TAXPAYER
RECEIVING  AN  MEI CERTIFICATE ISSUED PURSUANT TO ARTICLE FIFTEEN OF THE
ECONOMIC DEVELOPMENT LAW, AND THAT OR WHO IS SUBJECT TO  PROPERTY  TAXES
UNDER  ARTICLE  NINE-A  OR  ARTICLE TWENTY-TWO OF THIS CHAPTER, SHALL BE
ALLOWED A CREDIT AGAINST  THE  PROPERTY  TAXES  ASSESSED  UNDER  ARTICLE
NINE-A  OR  ARTICLE TWENTY-TWO OF THIS CHAPTER DURING THE TAX YEARS THAT
THE CERTIFICATE IS VALID, PROVIDED, AND TO THE EXTENT  THAT,  THE  TAXES
ASSESSED   CONSTITUTE   ELIGIBLE  REAL  PROPERTY  TAXES  AS  DEFINED  IN
SUBSECTION (B) OF THIS SECTION. THE CREDIT SHALL BE COMPUTED PURSUANT TO
THE PROVISIONS OF SUBSECTION (C) OF THIS SECTION.
  (B) DEFINITION. THE TERM "ELIGIBLE REAL PROPERTY TAXES" SHALL MEAN TAX
IMPOSED ON REAL PROPERTY WHICH HAS BEEN CERTIFIED AS MEI ELIGIBLE  PROP-
ERTY  PURSUANT  TO  ARTICLE FIFTEEN OF THE ECONOMIC DEVELOPMENT LAW.  IN
ADDITION, THE TERM "ELIGIBLE REAL PROPERTY TAXES" INCLUDES  PAYMENTS  IN
LIEU OF TAXES MADE BY THE TAXPAYER TO THE STATE, A MUNICIPAL CORPORATION
OR  A PUBLIC BENEFIT CORPORATION PURSUANT TO A WRITTEN AGREEMENT ENTERED
INTO BY THE TAXPAYER AND THE  STATE,  MUNICIPAL  CORPORATION  OR  PUBLIC
BENEFIT CORPORATION.
  (C)  COMPUTATION  OF  PROPERTY  TAX  CREDIT.  THE  PROPERTY TAX CREDIT
DESCRIBED IN THIS SECTION SHALL BE A FLAT TEN PERCENT  OF  THE  PROPERTY
TAX ASSESSED.
  S  852.  MEI  WAGE  TAX  CREDIT.  (A)  ALLOWANCE OF CREDIT. A TAXPAYER
RECEIVING AN MEI CERTIFICATE THAT HAS BEEN ISSUED  PURSUANT  TO  ARTICLE
FIFTEEN  OF  THE ECONOMIC DEVELOPMENT LAW, AND THAT OR WHO IS SUBJECT TO
TAXES UNDER ARTICLE NINE-A OR ARTICLE TWENTY-TWO OF THIS CHAPTER,  SHALL
BE  ALLOWED  A CREDIT AGAINST THE TAXES ASSESSED UNDER ARTICLE NINE-A OR
ARTICLE TWENTY-TWO OF THIS CHAPTER DURING THE TAX YEARS THAT THE CERTIF-
ICATE IS VALID. THE CREDIT SHALL BE COMPUTED PURSUANT TO THE  PROVISIONS
OF SUBSECTION (C) OF THIS SECTION.
  (B) DEFINITIONS. THE TERM "ELIGIBLE WAGES" SHALL MEAN THE TOTAL AMOUNT
OF  EMPLOYEE  GROSS  SALARY  ELIGIBLE  FOR  THE WAGE TAX CREDIT, AS SUCH
AMOUNT IS SPECIFIED IN THE MEI CERTIFICATE ISSUED  PURSUANT  TO  ARTICLE
FIFTEEN OF THE ECONOMIC DEVELOPMENT LAW.
  (C)  COMPUTATION  OF WAGE TAX CREDIT. (1) DURING THE FIRST TAX YEAR OF
THE FIVE-YEAR PERIOD FOR WHICH A VALID MEI CERTIFICATE HAS  BEEN  ISSUED
PURSUANT  TO  ARTICLE  FIFTEEN OF THE ECONOMIC DEVELOPMENT LAW, PROVIDED
THE TAXPAYER HAS MAINTAINED THE EMPLOYMENT AND  ELIGIBLE  WAGE  REQUIRE-

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MENTS SPECIFIED BY THE MEI AS DEFINED IN ARTICLE FIFTEEN OF THE ECONOMIC
DEVELOPMENT  LAW, THE TAXPAYER SHALL BE ALLOWED A CREDIT OF ONE AND ONE-
HALF PERCENT OF THE TOTAL AMOUNT OF THE ELIGIBLE WAGES ACTUALLY PAID  BY
THE TAXPAYER. IF THE TAXPAYER INCREASES EMPLOYMENT DURING THIS TAX YEAR,
AND  EXCEEDS  THE  LEVEL OF EMPLOYMENT REQUIRED BY THE MEI AS DEFINED IN
ARTICLE FIFTEEN OF THE ECONOMIC DEVELOPMENT LAW, HIRING AND  MAINTAINING
ADDITIONAL  EMPLOYEES  AND  PAYING  ADDITIONAL  WAGES OVER AND ABOVE THE
ELIGIBLE WAGES AMOUNT, THE TAXPAYER SHALL BE ALLOWED AN ADDITIONAL CRED-
IT OF TWO AND ONE-HALF PERCENT OF THE TOTAL AMOUNT BY  WHICH  THE  WAGES
ACTUALLY  PAID  AS  A RESULT OF THE INCREASED LEVEL OF EMPLOYMENT EXCEED
THE ELIGIBLE WAGES.
  (2) DURING THE SECOND TAX YEAR OF THE FIVE-YEAR  PERIOD  FOR  WHICH  A
VALID MEI CERTIFICATE HAS BEEN ISSUED PURSUANT TO ARTICLE FIFTEEN OF THE
ECONOMIC  DEVELOPMENT  LAW,  PROVIDED  THE  TAXPAYER  HAS MAINTAINED THE
EMPLOYMENT AND ELIGIBLE  WAGE  REQUIREMENTS  SPECIFIED  BY  THE  MEI  AS
DEFINED IN ARTICLE FIFTEEN OF THE ECONOMIC DEVELOPMENT LAW, THE TAXPAYER
SHALL  BE  ALLOWED  A  CREDIT  OF  ONE AND ONE-HALF PERCENT OF THE TOTAL
AMOUNT OF THE ELIGIBLE WAGES ACTUALLY PAID BY THE TAXPAYER; HOWEVER,  IF
THE  TAXPAYER INCREASED EMPLOYMENT IN THE PRECEDING TAX YEAR AND CLAIMED
THE TWO AND ONE-HALF PERCENT CREDIT FOR EMPLOYMENT AND PAYMENT OF  WAGES
IN  EXCESS  OF  THE  MEI REQUIREMENTS PURSUANT TO ARTICLE FIFTEEN OF THE
ECONOMIC DEVELOPMENT LAW, THE TAXPAYER SHALL BE ALLOWED A CREDIT OF  ONE
AND  ONE-HALF PERCENT OF THE TOTAL AMOUNT OF THE ELIGIBLE WAGES ACTUALLY
PAID BY THE TAXPAYER DURING THE PRECEDING TAX YEAR, PROVIDED THE TAXPAY-
ER HAS MAINTAINED THE INCREASED EMPLOYMENT AND  SALARY  LEVELS.  IF  THE
TAXPAYER  AGAIN  INCREASES EMPLOYMENT, HIRING AND MAINTAINING ADDITIONAL
EMPLOYEES AND PAYING ADDITIONAL WAGES OVER AND ABOVE  THE  PREVIOUS  TAX
YEAR'S AMOUNT, THE TAXPAYER SHALL BE ALLOWED AN ADDITIONAL CREDIT OF TWO
AND  ONE-HALF  PERCENT  OF  THE TOTAL AMOUNT BY WHICH THE WAGES ACTUALLY
PAID AS A RESULT OF THE INCREASED LEVEL OF EMPLOYMENT EXCEED  THE  WAGES
SUBJECT TO THE ONE AND ONE-HALF PERCENT CREDIT.
  S  853.  MEI  ENERGY  TAX CREDIT. (A) ALLOWANCE OF CREDIT.  A TAXPAYER
RECEIVING AN MEI CERTIFICATE HAS BEEN ISSUED PURSUANT TO ARTICLE FIFTEEN
OF THE ECONOMIC DEVELOPMENT LAW, AND THAT OR WHO  IS  SUBJECT  TO  TAXES
UNDER  ARTICLE  NINE-A  OR  ARTICLE TWENTY-TWO OF THIS CHAPTER, SHALL BE
ALLOWED A CREDIT AGAINST THE TAXES  ASSESSED  UNDER  ARTICLE  NINE-A  OR
ARTICLE TWENTY-TWO OF THIS CHAPTER DURING THE TAX YEARS THAT THE CERTIF-
ICATE  IS VALID. THE CREDIT SHALL BE COMPUTED PURSUANT TO THE PROVISIONS
OF SUBSECTION (C) OF THIS SECTION.
  (B) DEFINITION. THE  TERM  "ELIGIBLE  ENERGY  COSTS"  SHALL  MEAN  THE
AMOUNTS  PAID BY THE TAXPAYER FOR ELECTRICITY, NATURAL GAS, OR ANY OTHER
ENERGY PRODUCT OR SERVICE WHICH THE TAXPAYER HAS USED IN  THE  OPERATION
OF  A  MEI  CERTIFIED  MANUFACTURING  FIRM  FACILITY PURSUANT TO ARTICLE
FIFTEEN OF THE ECONOMIC DEVELOPMENT LAW.
  (C) COMPUTATION OF ENERGY CREDIT. (1) IF THE TAXPAYER HAS PAID  ELIGI-
BLE  ENERGY  COSTS DURING THE FIRST TAX YEAR OF THE FIVE-YEAR PERIOD FOR
WHICH A VALID MEI  CERTIFICATE  HAS  BEEN  ISSUED  PURSUANT  TO  ARTICLE
FIFTEEN OF THE ECONOMIC DEVELOPMENT LAW, PROVIDED THE TAXPAYER HAS MAIN-
TAINED  THE  EMPLOYMENT AND ELIGIBLE WAGES REQUIREMENTS SPECIFIED BY THE
MEI AS DEFINED IN ARTICLE FIFTEEN OF THE ECONOMIC DEVELOPMENT  LAW,  THE
TAXPAYER  SHALL  BE  ALLOWED AN ENERGY CREDIT OF TWENTY-FIVE DOLLARS PER
EMPLOYEE REQUIRED BY THE MEI  AS  DEFINED  IN  ARTICLE  FIFTEEN  OF  THE
ECONOMIC  DEVELOPMENT  LAW.  IF THE TAXPAYER INCREASES EMPLOYMENT DURING
THIS TAX YEAR, AND EXCEEDS THE LEVEL OF EMPLOYMENT REQUIRED BY  THE  MEI
AS  DEFINED  IN  ARTICLE FIFTEEN OF THE ECONOMIC DEVELOPMENT LAW, HIRING
AND MAINTAINING ADDITIONAL EMPLOYEES AND PAYING  ADDITIONAL  WAGES  OVER

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AND  ABOVE  THE  ELIGIBLE WAGES AMOUNT, THE TAXPAYER SHALL BE ALLOWED AN
ADDITIONAL ENERGY CREDIT OF FIFTY DOLLARS PER EACH ADDITIONAL  EMPLOYEE.
THE  ENERGY  TAX  CREDIT  SHALL NOT EXCEED THE AMOUNT OF ELIGIBLE ENERGY
COSTS ACTUALLY PAID BY THE TAXPAYER.
  (2)  IF  THE TAXPAYER HAS PAID ELIGIBLE ENERGY COSTS DURING THE SECOND
TAX YEAR OF THE FIVE-YEAR PERIOD FOR WHICH A VALID MEI  CERTIFICATE  HAS
BEEN ISSUED PURSUANT TO ARTICLE FIFTEEN OF THE ECONOMIC DEVELOPMENT LAW,
PROVIDED  THE  TAXPAYER  HAS MAINTAINED THE EMPLOYMENT AND ELIGIBLE WAGE
REQUIREMENTS SPECIFIED BY THE MEI AS DEFINED IN ARTICLE FIFTEEN  OF  THE
ECONOMIC DEVELOPMENT LAW, THE TAXPAYER SHALL BE ALLOWED AN ENERGY CREDIT
OF  TWENTY-FIVE  DOLLARS  PER EMPLOYEE REQUIRED BY THE MEI AS DEFINED IN
ARTICLE FIFTEEN OF THE ECONOMIC DEVELOPMENT LAW; HOWEVER, IF THE TAXPAY-
ER INCREASED EMPLOYMENT DURING THE PRECEDING TAX YEAR  AND  CLAIMED  THE
ADDITIONAL  ENERGY  TAX CREDIT OF FIFTY DOLLARS PER ADDITIONAL EMPLOYEE,
THE TAXPAYER SHALL BE  ALLOWED  A  CREDIT  OF  TWENTY-FIVE  DOLLARS  PER
EMPLOYEE UP TO THE NUMBER OF EMPLOYEES CLAIMED IN THE PREVIOUS TAX YEAR,
PROVIDED  THE  TAXPAYER HAS MAINTAINED THE INCREASED EMPLOYMENT AND WAGE
LEVELS. IF THE TAXPAYER AGAIN INCREASES  EMPLOYMENT,  HIRING  ADDITIONAL
EMPLOYEES  AND  PAYING  ADDITIONAL WAGES OVER AND ABOVE THE PREVIOUS TAX
YEAR'S AMOUNTS, THE TAXPAYER SHALL BE ALLOWED AN  ADDITIONAL  CREDIT  OF
FIFTY DOLLARS FOR EACH ADDITIONAL EMPLOYEE HIRED DURING THE SECOND YEAR.
THE  ENERGY  TAX  CREDIT  SHALL NOT EXCEED THE AMOUNT OF ELIGIBLE ENERGY
COSTS ACTUALLY PAID BY THE TAXPAYER.
  S 5. Section 210-B of the tax law  is  amended  by  adding  three  new
subdivisions 49, 50 and 51 to read as follows:
  49. MEI PROPERTY TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER SHALL
BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION EIGHT HUNDRED
FIFTY-ONE OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
  (B)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER THIS SUBDIVISION FOR ANY
TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
AMOUNT PRESCRIBED IN PARAGRAPH (D) OF SUBDIVISION  ONE  OF  SECTION  TWO
HUNDRED  TEN  OF  THIS ARTICLE; PROVIDED, HOWEVER, IF THE AMOUNT OF THIS
CREDIT ALLOWABLE UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES TAX  TO
SUCH  AMOUNT,  ANY  AMOUNT  OF THE CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE
YEAR MAY BE CARRIED OVER TO THE FOLLOWING  YEAR  OR  YEARS  AND  MAY  BE
DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
  50.  MEI WAGE TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE
ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE, TO BE COMPUTED
AS PROVIDED IN SECTION EIGHT HUNDRED FIFTY-TWO OF THIS CHAPTER,  AGAINST
THE TAX IMPOSED BY THIS ARTICLE.
  (B)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER THIS SUBDIVISION FOR ANY
TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
AMOUNT PRESCRIBED IN PARAGRAPH (D) OF SUBDIVISION  ONE  OF  SECTION  TWO
HUNDRED  TEN  OF  THIS ARTICLE; PROVIDED, HOWEVER, IF THE AMOUNT OF THIS
CREDIT ALLOWABLE UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES TAX  TO
SUCH  AMOUNT,  ANY  AMOUNT  OF THE CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE
YEAR MAY BE CARRIED OVER TO THE FOLLOWING  YEAR  OR  YEARS  AND  MAY  BE
DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
  51.  MEI  ENERGY TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER SHALL
BE ALLOWED A CREDIT AGAINST THE TAX  IMPOSED  BY  THIS  ARTICLE,  TO  BE
COMPUTED  AS PROVIDED IN SECTION EIGHT HUNDRED FIFTY-THREE OF THIS CHAP-
TER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
  (B) CARRYOVERS. THE CREDIT ALLOWED  UNDER  THIS  SUBDIVISION  FOR  ANY
TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
AMOUNT  PRESCRIBED  IN  PARAGRAPH  (D) OF SUBDIVISION ONE OF SECTION TWO
HUNDRED TEN OF THIS ARTICLE; PROVIDED, HOWEVER, IF THE  AMOUNT  OF  THIS

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CREDIT  ALLOWABLE UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES TAX TO
SUCH AMOUNT, ANY AMOUNT OF THE CREDIT NOT  DEDUCTIBLE  IN  SUCH  TAXABLE
YEAR  MAY  BE  CARRIED  OVER TO THE FOLLOWING YEAR   OR YEARS AND MAY BE
DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
  S  6. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding three new clauses (xli), (xlii)  and
(xliii) to read as follows:

(XLI) MEI PROPERTY TAX CREDIT        AMOUNT OF MEI PROPERTY TAX CREDIT
UNDER SUBSECTION (CCC)               UNDER SUBDIVISION FORTY-NINE OF
                                     SECTION TWO HUNDRED TEN-B

(XLII) MEI WAGE TAX CREDIT UNDER     AMOUNT OF MEI WAGE TAX CREDIT
SUBSECTION (DDD)                     UNDER SUBDIVISION FIFTY OF
                                     SECTION TWO HUNDRED TEN-B

(XLIII) MEI ENERGY TAX CREDIT UNDER  AMOUNT OF MEI ENERGY TAX CREDIT
SUBSECTION (EEE)                     UNDER SUBDIVISION FIFTY-ONE OF
                                     SECTION TWO HUNDRED TEN-B
  S  7.  Section  606  of  the  tax  law  is amended by adding three new
subsections (ccc), (ddd) and (eee) to read as follows:
  (CCC) MEI PROPERTY TAX CREDIT. (1) ALLOWANCE OF CREDIT.    A  TAXPAYER
SHALL  BE  ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION EIGHT
HUNDRED FIFTY-ONE OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTI-
CLE.
  (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH  YEAR,  THE  EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE
CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS  OF  SECTION  SIX
HUNDRED  EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
SHALL BE PAID THEREON.
  (DDD) MEI WAGE TAX CREDIT. (1) ALLOWANCE OF CREDIT. A  TAXPAYER  SHALL
BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION EIGHT HUNDRED
FIFTY-TWO OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
  (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
CREDITED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
SHALL BE PAID THEREON.
  (EEE) MEI ENERGY TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL
BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION EIGHT HUNDRED
FIFTY-THREE OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
  (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
CREDITED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
SHALL BE PAID THEREON.
  S  8.  Subparagraph 1 of paragraph (b) of subdivision 1 of section 210
of the tax law, as amended by section 12 of part A of chapter 59 of  the
laws of 2014, is amended to read as follows:
  (1)  The  amount prescribed by this paragraph shall be computed at .15
percent for each dollar of the taxpayer's total business capital, or the
portion thereof allocated within the state as hereinafter  provided  for
taxable  years  beginning  before  January  first, two thousand sixteen.

A. 5226                             7

However, in the case of a cooperative housing corporation as defined  in
the  internal  revenue  code,  the  applicable rate shall be .04 percent
until taxable years beginning on or after January  first,  two  thousand
twenty.  The  rate  of tax for subsequent tax years shall be as follows:
.125 percent for taxable years beginning on or after January first,  two
thousand  sixteen and before January first, two thousand seventeen; .100
percent for taxable years beginning on or after January first, two thou-
sand seventeen and before January first,  two  thousand  eighteen;  .075
percent for taxable years beginning on or after January first, two thou-
sand  eighteen  and  before  January  first, two thousand nineteen; .050
percent for taxable years beginning on or after January first, two thou-
sand nineteen and  before  January  first,  two  thousand  twenty;  .025
percent for taxable years beginning on or after January first, two thou-
sand  twenty and before January first, two thousand twenty-one; and zero
percent for years beginning on or  after  January  first,  two  thousand
twenty-one.  The  rate  of tax for a qualified New York manufacturer for
tax years subsequent to taxable years  beginning  on  or  after  January
first,  two  thousand  [fifteen  and  before January first, two thousand
sixteen shall be .106 percent for taxable years beginning  on  or  after
January  first, two thousand sixteen and before January first, two thou-
sand seventeen, .085 percent for taxable years  beginning  on  or  after
January  first,  two  thousand  seventeen  and before January first, two
thousand eighteen; .056 percent for taxable years beginning on or  after
January first, two thousand eighteen and before January first, two thou-
sand  nineteen;  .038  percent  for  taxable years beginning on or after
January first, two thousand nineteen and before January first,  thousand
twenty;  .019  percent  for  taxable years beginning on or after January
first, two thousand twenty and before January first, two thousand  twen-
ty-one;  and zero percent for years beginning on or after January first,
two thousand twenty-one] SIXTEEN SHALL BE COMPUTED AT THE RATE  OF  .075
PERCENT  OF THE TAXPAYER'S TOTAL BUSINESS AND INVESTMENT CAPITAL, OR THE
PORTION THEREOF ALLOCATED WITHIN THE STATE AS HEREINAFTER  PROVIDED.  In
no  event  shall  the  amount  prescribed by this paragraph exceed three
hundred fifty thousand dollars for qualified New York manufacturers  and
for all other taxpayers five million dollars.
  S 9. This act shall take effect on the one hundred eightieth day after
it shall have become a law and shall apply to taxable years beginning on
or  after January 1, 2016 and before January 1, 2023; provided, however,
that the addition, amendment and/or repeal of  any  rule  or  regulation
necessary  for  the implementation of this act on its effective date are
authorized and directed to be made on or before such date.